CLEVELAND, Ohio -- Small-business owners that took the Small Business Administration’s Paycheck Protection Program loans will need to jump through some hurdles if they want to buy — or sell — a company.
And those hurdles could add up to substantial delays, or dollar signs, according to legal experts.
“The question of the day is how the buyers and sellers will treat this outstanding debt because it’s supposedly going to be forgiven. But meanwhile, it’s a debt — there is a loan on the books,” said Tenley Carp, a PPP expert and partner at law firm Arnall Golden Gregory LLP. “The parties are trying to figure out a way to deal with that debt.”
Read the full story on cleveland.com’s sister site, Cleveland Business Journal.
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Buying or selling a business? PPP loans will complicate the deal - cleveland.com
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